myCPE
myCPE

License to Thrive: Safeguarding Your Cannabis Business Through Expert Accounting Practices 1 Credit

License to Thrive: Safeguarding Your Cannabis Business Through Expert Accounting Practices 1 Credit

  • Rating

    4.8
  • Reviewed on

    March, 2024
  • Subject Area

    Specialized Knowledge

Learning mode

On Demand
  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Attend the live interactive session
  • Answer the polling questions
  • Get your certificate

Learning Objective

  • To explain the taxation laws related to the cannabis industry. 
  • To examine both state and federal tax codes, including section 280E of the Internal Revenue Code.
  • To acquire an in-depth knowledge of regulatory compliance within the cannabis sector. 
  • To delve into the complex framework of laws and regulations at local, state, and federal levels, and learn how to ensure their business operations stay within the legal boundaries.
  • To develop an understanding of internal controls tailored to the cannabis industry. This includes learning how to create effective systems and procedures for risk management, auditing, and operational efficiency
  • To identify and navigate accounting considerations unique to the cannabis industry.

Course Overview

As cannabis legalization continues to expand, businesses operating in this sector face unique financial challenges and regulatory requirements that traditional accounting education often does not cover. 

In this course, we will provide attendees with an understanding of areas such as taxation laws, regulatory compliance, internal controls, and accounting considerations. This session is designed to equip current and aspiring cannabis accounting professionals with the tools, insights, and best practices to navigate the regulatory and financial landscape of the cannabis industry. This includes proper record-keeping, financial reporting, cost accounting strategies, and understanding the implications of cash and inventory management in this sector.

Major Topics Covered:

  • What Makes Cannabis Accounting Different?
  • IRC Code § 280E
  • State Legal
  • Accounting Considerations
  • State Regulators
  • License Types
    • Marijuana Tax 
    • Illinois Marijuana Tax
    • New York Marijuana Tax
    • New Mexico Marijuana Tax
    • California Cultivation Tax
  • Cash and Inventory Controls-
    • Seed To Sale: Track And Trace Systems
    • Inventory Controls
    • Complete Cash Control System

Join this CPE Session, you will not only possess the knowledge and understanding of these areas but they will also be equipped with practical skills to implement what you've learned, enabling you to ensure the financial success and security of a business in the cannabis industry.

On Demand Credits for All Qualifications

Nano Credits for All Qualifications

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Specialized Knowledge for Certified Public Accountants (CPA-US) 1 CPE Approved
Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
License details Credits Status
Specialized Knowledge for Certified Public Accountants (CPA-US) 1 CPE Approved
Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
License details Credits Status
Specialized Knowledge for Certified Public Accountants (CPA-US) 1 CPE Approved
Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

Dive into the world of CPA CPE courses with MY-CPE. Our online courses are here to help you complete your CPA CPE credits seamlessly. We cover a wide range of topics delivered by professional subject matter experts. Forget the traditional way of learning with flexible scheduling and learn at your own pace. Join us and start your journey toward professional growth today!

About Instructor

Naomi Granger
Naomi Granger

Founder, The National Association of Cannabis Accounting and Tax Professionals

  • 4.5
  • rating
  • rating
  • rating
  • rating
  • rating

I've been preparing to mentor a much bigger audience in 2023 and have A LOT of knowledge to share around launching and growing your cannabis accounting practice.

There are 30,000+ legally licensed cannabis businesses in operation today throughout the United States. Cannabis is the largest and fastest growing industry in the world. Many businesses need accounting professionals who specialize in this under-served area. This is because proper accounting for a cannabis business is unlike accounting for any other industry, due to its complex compliance issues, banking laws, tax limitations and reporting requirements.

My company, the National Association of Cannabis Accounting and Tax Professionals (NACAT Pros), provides an accelerated online program that makes accounting professionals experts in this niche. My program is open to CPAs, CFOs, Bookkeepers, Controllers and tax professionals who not only want to specialize in this area, but choose the clients they want, charge competitive fees, and work remotely. With our program, our students can open their own accounting firms and specialize in this one lucrative area.

NACAT Pros is a “plug and play” solution, providing videos, workpapers, templates, processes, resources, weekly Q&A calls, tax law instruction (including how to navigate the complex IRC Section 280e and 471 tax rules) and software recommendations.

We understand that marketing is not everybody’s forte, so we also teach people how to find and lock in clients in this industry. 

To learn more about how your accounting practice can fill this under-served market, connect with me here on LinkedIn or join the association at nacatpros.org.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent

Very Good

Average

Poor

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PG

Paula Gorden, CRTP
5

Second webinar with Ms. Granger. One of the best speakers I have heard. Will be anticipating more from her.

GA

Gerald Ailshie, CPA (US)
5

This was seriously one of the best cannabis courses I've seen. So much useful information!!!

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Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders
    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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